Author Topic: Does anyone here use Bitcoins? (Read 854,854 times)

Stoic Joker · « **Reply #975 on:** March 08, 2018, 01:15 PM »

Quote from: wraith808 on March 07, 2018, 10:09 PM

Interesting...

https://www.engadget.com/2018/03/07/sec-issues-stern-warning-for-potential-cryptocurrency-investors/

So... The government wants to "protect us" from the very thing that is supposed to protect us from the (fiat currency) government. o_O

Deozaan · « **Reply #976 on:** March 09, 2018, 01:57 AM »

Quote from: Stoic Joker on March 08, 2018, 01:15 PM

Quote from: wraith808 on March 07, 2018, 10:09 PM
Interesting...

https://www.engadget.com/2018/03/07/sec-issues-stern-warning-for-potential-cryptocurrency-investors/

So... The government wants to "protect us" from the very thing that is supposed to protect us from the (fiat currency) government. o_O

Yeah, I don't get it. The SEC is saying "buyer beware," which is a basic tenet of cryptocurrency. Crypto puts the responsibility and ownership back in your own hands. But I guess this non-news is useful for people who have no idea what cryptocurrency is or how it works, and are just jumping on the bandwagon because they keep hearing about how much Bitcoin (and others) keeps going up.

wraith808 · « **Reply #977 on:** March 09, 2018, 07:03 AM »

Quote from: Deozaan on March 09, 2018, 01:57 AM

Quote from: Stoic Joker on March 08, 2018, 01:15 PM
Quote from: wraith808 on March 07, 2018, 10:09 PM
Interesting...

https://www.engadget.com/2018/03/07/sec-issues-stern-warning-for-potential-cryptocurrency-investors/

So... The government wants to "protect us" from the very thing that is supposed to protect us from the (fiat currency) government. o_O

Yeah, I don't get it. The SEC is saying "buyer beware," which is a basic tenet of cryptocurrency. Crypto puts the responsibility and ownership back in your own hands. But I guess this non-news is useful for people who have no idea what cryptocurrency is or how it works, and are just jumping on the bandwagon because they keep hearing about how much Bitcoin (and others) keeps going up.

Well, I didn't know if it was a scare tactic, a note that they couldn't regulate it, or a prelude to them trying to regulate it, based on "consumers losing money".

Arizona Hot · « **Reply #978 on:** March 11, 2018, 06:08 AM »

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9 Revealing Bubbles That Will Get You to Ditch Bitcoin

Deozaan · « **Reply #979 on:** March 12, 2018, 04:47 AM »

Quote from: wraith808 on March 09, 2018, 07:03 AM

Well, I didn't know if it was a scare tactic, a note that they couldn't regulate it, or a prelude to them trying to regulate it, based on "consumers losing money".

I dunno. I just think it's a common sense statement. There's not really anything else the SEC can do, due to the uncensorable nature of cryptocurrencies. Even if they try to regulate cryptocurrencies, it kind of can't be done. If someone is determined to buy or sell crypto, there's nothing a law or regulation can do to prevent that or even make it especially difficult for someone to do.

A lot of people are used to being able to appeal to their banks or governments to recover funds in case of fraud. So I suppose it makes sense for an organization whose purpose (or one of their purposes) is to protect people from being scammed financially to say "watch out about cryptocurrencies, because we can't do anything about them." That is, if you lose all your money in a cryptocurrency scam, there's no way for any government authority to seize the crypto and return it (if the scammer has properly safeguarded their private key(s) and refuses to cooperate). Having organizations who can help protect/prevent/recover funds and regulations over things like this is definitely a convenience, but it comes at the cost of not truly owning your money. That is, it requires you to give up some of your freedoms over your money. The same bank/government that can help you recover your defrauded funds can also freeze your account(s), seize all your money, refuse to allow you to send money to people they don't like, not allow you to send/receive money because it's 3 AM or a weekend/holiday, etc.

Crypto grants you a lot of freedom over your own money, but it also comes at a cost of much greater personal responsibility to safeguard it and not be so careless with it. But I'm sure I'm preaching to the choir here.

wraith808 · « **Reply #980 on:** March 12, 2018, 01:17 PM »

Quote from: Deozaan on March 12, 2018, 04:47 AM

I dunno. I just think it's a common sense statement. There's not really anything else the SEC can do, due to the uncensorable nature of cryptocurrencies. Even if they try to regulate cryptocurrencies, it kind of can't be done. If someone is determined to buy or sell crypto, there's nothing a law or regulation can do to prevent that or even make it especially difficult for someone to do.

We know that. They don't. They think they can regulate anything. Especially if enough FUD is generated. And using their simple tactics of very minimal power, it's likely they could brute force it.

Relevant:

Mark0 · « **Reply #981 on:** March 12, 2018, 01:31 PM »

Quote from: "John Oliver"

Crypto currencies: everything you don't understand about money, combined with everything you don't understand about computers!

https://www.youtube.com/watch?v=g6iDZspbRMg

mouser · « **Reply #982 on:** March 12, 2018, 01:37 PM »

Great video.

wraith808 · « **Reply #983 on:** March 14, 2018, 03:27 PM »

No Ads for Bitcoin: Google joins Facebook in banning them.

https://www.engadget.com/2018/03/14/google-ban-cryptocurrency-ads-june/

Arizona Hot · « **Reply #984 on:** March 24, 2018, 12:35 PM »

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Artist Hides Secret Code to $10,000 Worth of Cryptocurrencies in Lego Artworks

Art with intrinsic value?

Arizona Hot · « **Reply #985 on:** July 03, 2018, 06:06 AM »

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Bitcoin ATMs showing up in odd spots across metro Detroit

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Over 800 cryptocurrencies are now dead as bitcoin is 70 percent off its record high

tomos · « **Reply #986 on:** August 14, 2018, 11:28 AM »

Quote from: Arizona Hot on August 13, 2018, 09:41 PM

Bitcoin is still a total disaster

comes across as a very snarky article (presumably by someone who is a fan of the status-quo), yet may have some valid points. I dont know enough myself to say.

Renegade · « **Reply #987 on:** August 14, 2018, 03:45 PM »

Quote from: tomos on August 14, 2018, 11:28 AM

Quote from: Arizona Hot on August 13, 2018, 09:41 PM
Bitcoin is still a total disaster

comes across as a very snarky article (presumably by someone who is a fan of the status-quo), yet may have some valid points. I dont know enough myself to say.

When this thread started, Bitcoin was $12.40.

So, not sure I take the WP seriously when it continually cries about the end of Bitcoin.

wraith808 · « **Reply #988 on:** August 14, 2018, 09:45 PM »

Quote from: Renegade on August 14, 2018, 03:45 PM

So, not sure I take the WP seriously when it continually cries about the end of Bitcoin.

Exactly. They decry stability in a currency, but Bitcoin at this point is more like a well-performing stock at the beginning stages.

Torah · « **Reply #989 on:** October 01, 2018, 08:21 AM »

As long as people trust that this currency has value, people will continue to invest in Bitcoin.

Bitcoin is an open-source software, so it has no central control with corrupt bankers and politicians, just really smart people working for free to keep it running.

Given all the problems we see in world economies, people are rapidly beginning to lose faith in conventional legal tender like the EUR and USD. Governments have demonstrated that they can seize your bank-accessible assets if necessary. With Bitcoin, this is not possible as they have no access to your funds. Your Bitcoin wallet is essentially your own bank. It’s similar to the idea of people stuffing cash into their mattresses, except this is a lot more profitable and accessible. People will perhaps one day refer to this era as the gold rush of the 21st century.

As Bitcoins continue to be mined they begin to create more value since more people begin to own them.

tomos · « **Reply #990 on:** October 01, 2018, 11:25 AM »

You're optimistic there Torah. A bit simplistic too: that an economy based on Bitcoin would be better is very debatable.

Quote

As Bitcoins continue to be mined they begin to create more value since more people begin to own them.

again seems very simplistic to me: the real value is fluctuating independent of the mining. Add to that -- mining costs more than Bitcoin is currently worth IIUC (or has that changed again?)

Shades · « **Reply #991 on:** October 01, 2018, 01:52 PM »

Bitcoin's main issue (in my point of view) is that transactions can take place immediately or take way too long, depending on your willingness to pay for the privilege to be put first on the queue of transactions. That is not only flawed for the person who wants to pay for goods/services, the person or company at the receiving end of the transaction cannot be sure when the transaction takes place and how much the value amount of the received bitcoin is at that moment.

Trading one miserable way of doing financial transactions for another....yay!

The concept of crypto currency is a good one, Bitcoin's implementation isn't.

Renegade · « **Reply #992 on:** October 01, 2018, 07:07 PM »

Quote from: tomos on October 01, 2018, 11:25 AM

You're optimistic there Torah. A bit simplistic too: that an economy based on Bitcoin would be better is very debatable.

It would objectively be better.

Fiat allows governments to debase their currencies. This is flat out theft from people. It steals purchasing power from them through inflation. It's criminal and they should be thrown in prison for it.

There is no such debasement with Bitcoin. That's objectively better.

Quote from: Shades on October 01, 2018, 01:52 PM

Bitcoin's main issue (in my point of view) is that transactions can take place immediately or take way too long, depending on your willingness to pay for the privilege to be put first on the queue of transactions. That is not only flawed for the person who wants to pay for goods/services, the person or company at the receiving end of the transaction cannot be sure when the transaction takes place and how much the value amount of the received bitcoin is at that moment.

Trading one miserable way of doing financial transactions for another....yay!

The concept of crypto currency is a good one, Bitcoin's implementation isn't.

The Lightning Network solves those problems. Resolution is instantaneous and near free.

Arizona Hot · « **Reply #993 on:** November 18, 2018, 01:29 AM »

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Bitcoin Cash clash is costing billions with no end in sight

Arizona Hot · « **Reply #994 on:** January 25, 2019, 12:08 AM »

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A faster, more efficient cryptocurrency

Arizona Hot · « **Reply #995 on:** June 19, 2019, 10:44 PM »

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kyrathaba · « **Reply #996 on:** July 12, 2019, 05:42 PM »

Has anyone mined any of the Litecoin varieties and, if so, setup cost and return on investment thus far? I'm not about to use *coins for my savings account, but I am intrigued...

wraith808 · « **Reply #997 on:** July 13, 2019, 04:09 AM »

The largest argument against mining bitcoin: https://www.bbc.com/news/technology-48853230?utm_ca

4wd · « **Reply #998 on:** April 24, 2021, 01:28 PM »

So anyway I thought I'd lump this in with Bitcoin rather than start yet another crypto thread.

Not content with causing graphic card shortages it looks like we'll now have to contend with drive shortages caused by crypto.

Behold "Proof of Space and Time" crypto: Chia

Hard drive shortage ahead of debut

The sooner this planet suffers a zombie apocalypse, the better.

Arizona Hot · « **Reply #999 on:** July 10, 2021, 11:02 PM »

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